These financial statement items are for B. Snyder Company at year-end, July 31, 2010. Salaries payable Salaries expense Utilities expense Equipment Accounts payable Commission revenue $ 2,080 51,700 22,600 18,500 4,100 $ 1,800 24,200 9,780 6,000 4,000 Note payable (long-term) Cash Accounts receivable Accumulated depreciation B. Snyder, Drawing Depreciation expense B. Snyder, Capital (beginning of the year) 61,100 8,500 4,000 51,200 Rent revenue Instructions (a) Prepare an income statement and an owner's equity statement for the year. The owner did not make any new investments during the year. (b) Prepare a classified balance sheet at July 31.

These financial statement items are for B. Snyder Company at year-end, July 31, 2010. Salaries payable Salaries expense Utilities expense Equipment Accounts payable Commission revenue $ 2,080 51,700 22,600 18,500 4,100 $ 1,800 24,200 9,780 6,000 4,000 Note payable (long-term) Cash Accounts receivable Accumulated depreciation B. Snyder, Drawing Depreciation expense B. Snyder, Capital (beginning of the year) 61,100 8,500 4,000 51,200 Rent revenue Instructions (a) Prepare an income statement and an owner's equity statement for the year. The owner did not make any new investments during the year. (b) Prepare a classified balance sheet at July 31.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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